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insurance-based investment product

    160a contract of insurance which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations, and does not include:

      1. (a) non-life insurance products as listed in Annex I to Directive 2009/138/EC (Classes of non-life insurance);
      1. (b) life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or disability;
      1. (c) pension products which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement, and which entitle the investor to certain benefits;
      1. (d) officially recognised occupational pension schemes falling under the scope of the UK provisions which implemented166 Directive 2003/41/EC or UK provisions which implemented166 Directive 2009/138/EC;
      1. (e) individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider.

    [Note: article 2(1)(17) of the IDD]